Consegui "convencer" a Oracle a fazer MERGE introduzindo a coluna auxiliar no destino:
MERGE INTO (SELECT (SELECT t.account_no FROM dual) AS account_no_temp,
t.account_no, t.contract_id
FROM t) t
USING (
SELECT u.account_no_old, u.account_no_new, v.contract_id
FROM u, v
WHERE v.tenant_id = u.tenant_id
) s
ON (t.account_no_temp = s.account_no_old AND t.contract_id = s.contract_id)
WHEN MATCHED THEN UPDATE SET t.account_no = s.account_no_new;
db<>demonstração de violino
EDITAR
Uma variação da ideia acima - subconsulta movida diretamente para
ON papel:MERGE INTO (SELECT t.account_no, t.contract_id FROM t) t
USING (
SELECT u.account_no_old, u.account_no_new, v.contract_id
FROM u, v
WHERE v.tenant_id = u.tenant_id
) s
ON ((SELECT t.account_no FROM dual) = s.account_no_old
AND t.contract_id = s.contract_id)
WHEN MATCHED THEN UPDATE SET t.account_no = s.account_no_new;
db<>fiddle demo2
Artigo relacionado:Colunas referenciadas na cláusula ON não podem ser atualizadas
EDIÇÃO 2:
MERGE INTO (SELECT t.account_no, t.contract_id FROM t) t
USING (SELECT u.account_no_old, u.account_no_new, v.contract_id
FROM u, v
WHERE v.tenant_id = u.tenant_id) s
ON((t.account_no,t.contract_id,'x')=((s.account_no_old,s.contract_id,'x')) OR 1=2)
WHEN MATCHED THEN UPDATE SET t.account_no = s.account_no_new;
db<>demo de violino3
